According to Bloomberg, three Binance-linked entities—Nest Trading, DistributedTechnologies, and Chaintecs Consulting Singapore—have initiated legal action in Hong Kong against RedotPay's co-founders Gao Zhangpeng, Chan Wa Choi, and Yao Chao. The lawsuit accuses the trio of breaching agreements by funneling more than 470,000 users away from Binance Card to RedotPay, with claimed losses of $472.8 million. Binance says it discovered since March 2026 that RedotPay allowed Binance Pay funds to top up RedotPay cards without proper segregation, allegedly obtaining $304 million in user funds. RedotPay responded that it will actively defend against all allegations, stating operations remain unaffected. Additionally, Chaintecs has filed another suit against RedotPay affiliates in Singapore, with a hearing set for Friday. RedotPay, which previously pursued an IPO at roughly $4 billion valuation, now reports $14 billion in annualized payment volume, $180 million annualized revenue, and more than 8 million users.
Binance-affiliated entities Nest Trading, DistributedTechnologies and Chaintecs Consulting Singapore have filed a lawsuit in Hong Kong against RedotPay co-founders Gao Zhangpeng, Chan Wa Choi and Yao Chao, according to Bloomberg. The plaintiffs allege the three violated agreements by channeling more than 470,000 users from Binance Card to RedotPay, claiming damages of $472.8 million.
Binance said it discovered from March 2026 that RedotPay had been allowing Binance Pay funds to be used to top up RedotPay cards without segregation. The exchange claimed the cooperation enabled RedotPay to obtain around $304 million in user funds from Binance Pay.
RedotPay said it would vigorously defend all accusations and that the litigation would not affect its daily operations.
Separately, Chaintecs, another Binance-linked entity, brought a suit against RedotPay affiliates in Singapore, with a hearing scheduled for Friday.
RedotPay had previously sought an IPO at a valuation of roughly $4 billion. The company said its annualized payment volume has reached $14 billion, with annualized revenue of $180 million and over 8 million users.
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